Posts Tagged ‘contract’

It was only a question of time before it became public. ExxonMobil’s move into Kurdistan region of Iraq was surrounded with lots of hush hush from the time it signed in October, until the moment the ministry of natural resources (MNR) in the KRG decided to score a fantastic public relations coup. Now that it is public, where does this leave the regional and the federal governments and what fate for the contracts, such as Exxon’s 6-blocks venture and many others before it, signed with the KRG?

Since the Rumaila service contract entered into effect on Dec.17, BP and the Rumaila operating division of SOC have not been wasting any time. They held the first joint management committee meeting on Jan.20, decided on a $1.7 billion budget for 2010, and launched the first tenders for drilling and supply contracts. The target is to add between 150,000-200,000 b/d by December 2010 and rehabilitate the gas oil separation facilities to handle 1.3 million b/d of capacity.

The 2010 work program involves the drilling of 52 wells and workovers on …

China National Petroleum Corp.’s (CNPC) new 20-year service contract to develop Iraq’s Al-Ahdab oil field — the first oil deal signed since Saddam Hussein’s overthrow in 2003 — preserves some of the choicer elements of its 1997 production sharing agreement (PSA). But both sides offered concessions in a bid to bring the negotiations launched last year to a conclusion, Iraqi sources involved in the talks told International Oil Daily Thursday.

Under the deal signed Wednesday, CNPC will have a 75% stake in the joint venture set up …